Comments on: HECM Protections Stall On Capitol Hill http://www.bestreversemortgage.com/hecm-protections-stall-on-capitol-hill/ The Unofficial Guide to Reverse Mortgages Mon, 06 Feb 2012 06:43:48 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Sally Q http://www.bestreversemortgage.com/hecm-protections-stall-on-capitol-hill/comment-page-1/#comment-13241 Sally Q Mon, 13 Apr 2009 07:59:03 +0000 http://www.bestreversemortgage.com/reverse-mortgage/hecm-protections-stall-on-capitol-hill/#comment-13241 In order for us to be aware where the government funds are going, we can have an access on a searchable database known as the LegiStorm. LegiStorm may be too hard for certain people to weather. LegiStorm, the website that tracks Congressional compensation, keeps track of things like salary, foreign gifts received, and also Congressional travel. "Fact finding trips" have been lampooned as wasteful spending for years, as they don't always reveal anything, and its not like the funds used are a personal loan – the funds come from the taxpayers. The only people protesting it so far are the people whose information is posted, and doubtless they would get a personal loan to quash LegiStorm and go back to their secrecy. http://personalmoneystore.com/moneyblog/2009/04/03/legistorm-5-journey-congressional-travel-spending/ In order for us to be aware where the government funds are going, we can have an access on a searchable database known as the LegiStorm. LegiStorm may be too hard for certain people to weather. LegiStorm, the website that tracks Congressional compensation, keeps track of things like salary, foreign gifts received, and also Congressional travel. “Fact finding trips” have been lampooned as wasteful spending for years, as they don’t always reveal anything, and its not like the funds used are a personal loan – the funds come from the taxpayers. The only people protesting it so far are the people whose information is posted, and doubtless they would get a personal loan to quash LegiStorm and go back to their secrecy.

http://personalmoneystore.com/moneyblog/2009/04/03/legistorm-5-journey-congressional-travel-spending/

]]> By: Joyce Owwens http://www.bestreversemortgage.com/hecm-protections-stall-on-capitol-hill/comment-page-1/#comment-8434 Joyce Owwens Thu, 24 Jul 2008 16:24:27 +0000 http://www.bestreversemortgage.com/reverse-mortgage/hecm-protections-stall-on-capitol-hill/#comment-8434 I am worried about bankruptcy provisions of my Reverse Mortgage contract that seems to indicate that I cannot go into bankruptcy and keep my Reverse Mortgage. Lately we have lost $1200 monthly in income from rentals due to the overbuilding in our area of new apartments. That, together with increasing insurance and property taxes, has resulted in our going into debt which we cannot afford just to make ends meet, and it looks like our Reverse Mortgage will be jeopardized if we cannot pay our bills. I am worried about bankruptcy provisions of my Reverse Mortgage contract that seems to indicate that I cannot go into bankruptcy and keep my Reverse Mortgage. Lately we have lost $1200 monthly in income from rentals due to the overbuilding in our area of new apartments. That, together with increasing insurance and property taxes, has resulted in our going into debt which we cannot afford just to make ends meet, and it looks like our Reverse Mortgage will be jeopardized if we cannot pay our bills.

]]> By: Francella http://www.bestreversemortgage.com/hecm-protections-stall-on-capitol-hill/comment-page-1/#comment-3811 Francella Sun, 13 Apr 2008 18:11:23 +0000 http://www.bestreversemortgage.com/reverse-mortgage/hecm-protections-stall-on-capitol-hill/#comment-3811 When will they EVER pass the updates - such as lowered commission to 1.5%, and being able to purchase a place with a reverse mortgage, and upping the reverse mortgage maximum amount to $417,000 - all over the country - instead of this stupid county by county - which should also be a nightmare to administrate? What is taking them so long.....I have three clients looking at foreclosure because they can't get enough money from the RMt to pay off the lender (one person's payment has gone from $1700 to $3300 in 12 months). AND, GET THIS! AMERICA'S SERVICING COMPANY WILL NOT TAKE A SHORT REFI....THEIR CUSTOMERS IN TROUBLE HAVE TO MAKE UP ALL THE MONEY, GET SOME TYPE OF PAYMENT PLAN, SELL AND MOVE, OR DO A SHORT SALE AND HAVE TO MOVE. Where I asked will they move with no money and bad credit? ASC didn't know or care. But if they took a short refi, and let a RM go on the property, suddenly the borrower wouldn't be out of money...and guess what, they could make monthly payments to ASC to pay off the difference between the short refi and what was left unpaid. It doesn't take a brain surgeon to figure it out. Oh...and just try to get a pay plan that doesn't make your mortgage bigger and bigger; and just try to get them to return phone calls? IMHO it's a crappy servicer...but then it also owns a Foreclosure company, so it has no incentive to work with the borrower. Francella When will they EVER pass the updates – such as lowered commission to 1.5%, and being able to purchase a place with a reverse mortgage, and upping the reverse mortgage maximum amount to $417,000 – all over the country – instead of this stupid county by county – which should also be a nightmare to administrate?

What is taking them so long…..I have three clients looking at foreclosure because they can’t get enough money from the RMt to pay off the lender (one person’s payment has gone from $1700 to $3300 in 12 months).

AND, GET THIS! AMERICA’S SERVICING COMPANY WILL NOT TAKE A SHORT REFI….THEIR CUSTOMERS IN TROUBLE HAVE TO MAKE UP ALL THE MONEY, GET SOME TYPE OF PAYMENT PLAN, SELL AND MOVE, OR DO A SHORT SALE AND HAVE TO MOVE.

Where I asked will they move with no money and bad credit?
ASC didn’t know or care.

But if they took a short refi, and let a RM go on the property, suddenly the borrower wouldn’t be out of money…and guess what, they could make monthly payments to ASC to pay off the difference between the short refi and what was left unpaid. It doesn’t take a brain surgeon to figure it out.

Oh…and just try to get a pay plan that doesn’t make your mortgage bigger and bigger; and just try to get them to return phone calls? IMHO it’s a crappy servicer…but then it also owns a Foreclosure company, so it has no incentive to work with the borrower.

Francella

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